Core Viewpoint - The AI Fund Huatai Fuhua State-Owned Enterprise Innovation Growth Stock A (001490) reported a profit of 3.2488 million yuan for Q2 2025, with a net value growth rate of 0.97% during the period, and a total fund size of 376 million yuan as of the end of Q2 2025 [3][17]. Fund Performance - As of July 18, the fund's unit net value was 1.588 yuan, with a near-term performance of 5.45% over the last three months, ranking 141 out of 167 comparable funds [4]. - The fund's performance over the past six months showed a growth rate of 0.70%, ranking 155 out of 167, while the one-year performance was -1.92%, ranking 160 out of 166 [4]. - Over the last three years, the fund's growth rate was -25.73%, ranking 133 out of 159 [4]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.4232, ranking 152 out of 159 comparable funds [10]. - The maximum drawdown over the last three years was 35.44%, with the highest single-quarter drawdown occurring in Q1 2021 at 20.87% [12]. Investment Strategy - The fund maintained an average stock position of 84.18% over the last three years, compared to a peer average of 87.99%. The highest stock position was 92.25% at the end of H1 2022, while the lowest was 80.25% at the end of H1 2024 [15]. Holdings Concentration - As of the end of Q2 2025, the fund had a high concentration in its top ten holdings, which included Zijin Mining, China Merchants Bank, Yangtze Power, CATL, COSCO Shipping Holdings, Northern Huachuang, Juhua Co., XCMG, Hangzhou Bank, and China National Offshore Oil [20].